OPEC to debate cuts but market share still an issue

Next week, OPEC will hold its first ministerial meeting since Donald Trump was elected as the next president of the United StatesNext week, OPEC will hold its first ministerial meeting since Donald Trump was elected as the next president of the United States.

Supporters of US President-elect Donald Trump applauding his pro-fossil-fuel stance at a campaign rally earlier this year. (PA)

The chances of a meaningful production cut being agreed at OPEC’s meeting in Vienna next week look remote at best. The 14-member cartel will debate a proposal for a 4.0-4.5% production cut, and it may even reach an agreement to that effect that it could invite non-OPEC member Russia to join. But this will not lead to a resumption of production quotas for members. More likely it will be framed as a general statement that the oil market is on course to stabilise, and that...

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